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- #75,982
- Edited 12:35pm Mar 15, 2025 12:24pm | Edited 12:35pm
Good day coders, just wondering if any of you could possibly make this Daily ATR indicator for MT5? Unfortunately, I do not have the .mq4 as that was never provided (only the .ex4 which I have attached).
The original site that hosted the .ex4 and related information is no longer online however here is the archive of the site page (also posted below):
============================================================================
Daily ATR indicator
3 min read
For a long time, I’ve been using Trader Dante’s daily ATR (or Datr) indicator. It’s a pretty helpful indicator that shows daily average volatility using the value of the ATR indicator when plotted on a daily chart. These levels will give you a clue on how far the price has moved on that day. Often enough, you’ll even notice that these levels will actually be used as swing points, with the price moving into a level and then reversing. A beautiful example of this can be seen on the GBPUSD 1H chart above. Recently, however, I wanted to add some extra features to it. So as a programming exercise, I set out to re-code it in MetaTrader 4. You can download the indicator below.
Update: I’ve now also created a TradingView version. You can find the indicator here.
How Does This Indicator Help Me?
By default, this indicator plots two levels per day. The upper level shows where the top of the daily ATR would be and the lower level shows where the bottom of the daily ATR would be. When the price is near one of these levels, it simply shows that it has moved as much as the average true range for that day. This can give you an indication of how likely a mean reversion is about to happen. It’s by no means a guarantee that any price reversal will happen but it can give you some context as to where the price is now, in relationship to how it moves on average.
Features
For now, I’ve added the following features, which can be configured using the indicator properties:
Configurable ATR period
By default, this is set to 20 with the rationale that one month has about 20 trading days so that way, we’re getting the average daily price movement for the past month. However, it could be useful to have a shorter ATR period, for example if you want to make recent price volatility more relevant.
Number of days to draw levels
This property allows you to plot historical ATR levels for past days. It is set to 1 by default (so the current day) but let’s say you want to have these ATR levels visible for the past 5 days, you can simply enter 5 here (or any other number).
Highest timeframe to show levels
With this setting, you can control on which timeframe you show the levels. For example, if you want to show the levels on the 4H and below but not on the daily, you can set this to “4 Hours” and it will hide the levels on anything above the 4H timeframe.
Configurable colors and styles
You can change the colors, font size, line style, whether to show labels or not and so on. This also allows you to choose a different color for when the price breaks one of the ATR levels.
4-digit broker
If you happen to use a 4 digit broker, setting this to true means that the label will show the correct number of pips/ticks. It will never influence how levels are drawn, it’s just a label display thing. Because most brokers use 5 digits these days, it’s set to false by default.
Upcoming Features
This is just a start. I will most likely add the following features soon enough:
The original site that hosted the .ex4 and related information is no longer online however here is the archive of the site page (also posted below):
============================================================================
Daily ATR indicator
3 min read
For a long time, I’ve been using Trader Dante’s daily ATR (or Datr) indicator. It’s a pretty helpful indicator that shows daily average volatility using the value of the ATR indicator when plotted on a daily chart. These levels will give you a clue on how far the price has moved on that day. Often enough, you’ll even notice that these levels will actually be used as swing points, with the price moving into a level and then reversing. A beautiful example of this can be seen on the GBPUSD 1H chart above. Recently, however, I wanted to add some extra features to it. So as a programming exercise, I set out to re-code it in MetaTrader 4. You can download the indicator below.
Update: I’ve now also created a TradingView version. You can find the indicator here.
How Does This Indicator Help Me?
By default, this indicator plots two levels per day. The upper level shows where the top of the daily ATR would be and the lower level shows where the bottom of the daily ATR would be. When the price is near one of these levels, it simply shows that it has moved as much as the average true range for that day. This can give you an indication of how likely a mean reversion is about to happen. It’s by no means a guarantee that any price reversal will happen but it can give you some context as to where the price is now, in relationship to how it moves on average.
Features
For now, I’ve added the following features, which can be configured using the indicator properties:
Configurable ATR period
By default, this is set to 20 with the rationale that one month has about 20 trading days so that way, we’re getting the average daily price movement for the past month. However, it could be useful to have a shorter ATR period, for example if you want to make recent price volatility more relevant.
Number of days to draw levels
This property allows you to plot historical ATR levels for past days. It is set to 1 by default (so the current day) but let’s say you want to have these ATR levels visible for the past 5 days, you can simply enter 5 here (or any other number).
Highest timeframe to show levels
With this setting, you can control on which timeframe you show the levels. For example, if you want to show the levels on the 4H and below but not on the daily, you can set this to “4 Hours” and it will hide the levels on anything above the 4H timeframe.
Configurable colors and styles
You can change the colors, font size, line style, whether to show labels or not and so on. This also allows you to choose a different color for when the price breaks one of the ATR levels.
4-digit broker
If you happen to use a 4 digit broker, setting this to true means that the label will show the correct number of pips/ticks. It will never influence how levels are drawn, it’s just a label display thing. Because most brokers use 5 digits these days, it’s set to false by default.
Upcoming Features
This is just a start. I will most likely add the following features soon enough:
- ability to plot ATR multiples (1.5x, 3x) on the chart
- show alert or send push notification when an ATR level breaks
- show a table of hourly, daily, weekly and monthly ATR values
============================================================================
Notes:
1. The high is calculated from either yesterday's close OR today's low, whichever is lower; and the low is calculated from either yesterday's close OR today's high, whichever is higher.
2. This indicator uses SMA smoothing (would also like the option of using EMA smoothing instead).
3. The ability to utilize a D1 that is calculated based on an optional timezone offset would be great rather than just the D1 provided by the broker.
4. The option of using other timeframes as well such as the Weekly instead of the Daily (i.e., to see the 'Weekly ATR').
5. The "Upcoming Features" mentioned above by the original author would be a great addition!
I use both MT4 and MT5 depending on the broker. I have requested this for MT5 but the ability to use this 'modified version' of the original indicator on both platforms would be terrific!
Thanks for your time.
{quote} Posting the MQ4 files allows others to learn from you. Only posting the EX4 files keeps others dependent upon you. Are you giving fish or teaching how to fish? Cheers!
Theory of Everything is Liquidity...https://www.youtube.com/@FxArt.Trader
- #75,984
- Mar 15, 2025 12:52pm Mar 15, 2025 12:52pm
- Joined Mar 2012 | Status: Trader | 14,309 Posts
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
- #75,985
- Mar 15, 2025 12:53pm Mar 15, 2025 12:53pm
- Joined Mar 2012 | Status: Trader | 14,309 Posts
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
- #75,987
- Mar 15, 2025 1:37pm Mar 15, 2025 1:37pm
- Joined Mar 2022 | Status: Trader | 6,559 Posts | Online Now
Hi , Appreciate for this useful topic . I need an indicator related to money management for mt4 that show Daily / last Week / Last Month P/L Percentage and custom date. I used ChatGPT and deep seek but both of them were full of bugs (Even search in web but nothing) Hope you bros can help me with this . Thanks alot
.ex4/.ex5 files can't be fixed or modified / I'm not a coder!
- #75,991
- Mar 15, 2025 4:22pm Mar 15, 2025 4:22pm
- Joined Mar 2012 | Status: Trader | 14,309 Posts
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
- #75,993
- Mar 15, 2025 4:55pm Mar 15, 2025 4:55pm
- Joined Jun 2012 | Status: Trader , Analyst and Mentor | 5,884 Posts
Say something meaningful or Silence!!
- #75,995
- Mar 15, 2025 6:21pm Mar 15, 2025 6:21pm
- Joined Mar 2022 | Status: Trader | 6,559 Posts | Online Now
.ex4/.ex5 files can't be fixed or modified / I'm not a coder!
- #75,998
- Mar 16, 2025 9:19am Mar 16, 2025 9:19am
Software Developer and Music Producer
News Fundamentals All Time Return:
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- #75,999
- Mar 16, 2025 9:33am Mar 16, 2025 9:33am
{quote} To calculate accurately, you should perform the test based on tick data. Of course, it's important how much spread that broker has. You can use the following program: QuantDataManager. The free version allows you to download tick data from one of the brokers, although its spread is a bit high. The file size is large; for example, for EUR/USD tick data, it will be about 10 GB, and you need to put that file in the tester folder. More details are available within the program itself.
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